I purchased a home last year in October of 23 from my parents. The remaining mortgage was $65K. At the time, the home was worth $330,000. The house went to my husband and I, and we got a loan to pay off the remaining balance that my parents owed. We want to sell the house and buy another house. Supposedly the house is worth around $350K and we want to purchase another home around that $350K price. Will I have any capital gain costs if I reinvest the majority of the gain into a more expensive house? I know about the $500k exclusion if I am married but wasn't sure about selling before a year and if I am calculating my cost basis correctly. I am assuming the $350-65K is my cost basis, so my gain is almost $300k. Thank you!
